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There are varied types of electronic payment methods such as online credit card transactions, e-wallets, e-cash and wireless payment system. [5] Credit cards constitute a popular method of online payment but can be expensive for the merchant to accept because of transaction fees primarily. Debit cards constitute an excellent alternative with ...
Remotely created checks are orders of payment created by the payee and authorized by the customer remotely, using a telephone or the Internet by providing the required information including the MICR code from a valid check. They do not bear the signatures of the customers like ordinary checks. Instead, they bear a legend statement "Authorized ...
An automated clearing house (ACH) is a computer-based electronic network for processing transactions, [1] usually domestic low value payments, between participating financial institutions. It may support both credit transfers and direct debits .
Imagine a world where you don't have to write or mail a check, handle paper money or swipe your credit card -- all you have to do is enter some information into a Web site to make a financial ...
Electronic commerce, commonly known as e-commerce or eCommerce, or e-business consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks. The amount of trade conducted electronically has grown extraordinarily with widespread Internet usage.
The term electronic payment refers to a payment made from one bank account to another using electronic methods and forgoing the direct intervention of bank employees. Narrowly defined electronic payment refers to e-commerce —a payment for buying and selling goods or services offered through the Internet, or broadly to any type of electronic ...
The Clearing House Payments Company L.L.C. (PayCo) is a U.S.-based limited liability company formed by Clearing House Association. PayCo is a private sector, payment system infrastructure that operates an electronic check clearing and settlement system (SVPCO), a clearing house, and a wholesale funds transfer system (CHIPS). [1]
Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or vendor such as a public utility, department store or an individual to be credited against a specific account.